TWO former company executives with deep knowledge of Barrick Gold’s operations in West Africa are now leading Mali’s push for a $200 million payment from the Canadian mining giant. According to sources familiar with the negotiations, Mamou Touré and Samba Touré, who both previously worked for Randgold, are key figures in the Malian government’s demands.
The situation escalated in December 2024 when Mali’s military-led administration seized three metric tons of gold from Barrick, valued at nearly $245 million. The government has now set a deadline for Saturday at midnight for the company to meet its financial obligations.
Mali demands $200m in back taxes
Citing a court document reviewed by Reuters, the Malian government claims Barrick Gold owes CFA125bn ($199 million) in back taxes. If an agreement is reached, the seized gold would be returned, and four Barrick executives, who have been in custody since November, would be released.
While Barrick has publicly rejected the charges against its employees, it has not specified the allegations. However, court filings indicate that the charges include money laundering and financing of terrorism.
Barrick Gold has not commented on the current status of negotiations, and Mali’s Ministry of Mines has also remained silent on the matter.
Growing tensions with foreign mining companies
The dispute between Barrick Gold and Mali is emblematic of a broader shift in West Africa’s mining sector, where governments are demanding greater control over resource revenues. Following military takeovers in Mali, Niger, and Burkina Faso, foreign investors—who have invested billions in the region—now face new regulatory and financial pressures.
Beverly Ochieng, a senior analyst for Francophone Africa at Control Risks, told Reuters that the situation with Barrick Gold highlights the extent to which military governments in the Sahel region are willing to challenge foreign operators.
‘The standoff with Barrick shows how far military-led governments are prepared to go to enforce new regulations that align with their pursuit of resource nationalism,’ she said.
Key figures leading Mali’s negotiation
According to sources familiar with the discussions, the Malian negotiating team is being led by Mamou Touré and Samba Touré, alongside junta leader Assimi Goïta and Minister of Finance Alousseini Sanou.
While both Tourés share the same surname, they are not related. Samba Touré, the older of the two, was formerly West Africa operations director for Randgold, which later merged with Barrick Gold. Mamou Touré, meanwhile, served as an underground mining manager at Loulo Mine before rising to prominence in Mali’s mining sector.
Sources indicate that Mamou Touré holds significant influence in negotiations, particularly due to his close ties to Finance Minister Sanou. His consultancy firm, Iventus, was awarded the contract to audit foreign mining companies in Mali, leading to the country’s new mining code in 2023. This has prompted renegotiations of mining contracts, with Samba Touré also playing a critical role in the process.
Barrick Gold’s struggles in Mali
While several other foreign mining companies—including B2Gold, Allied Gold, and Resolute Mining—have reached agreements with the Malian government, Barrick’s negotiations remain contentious.
‘The relationship between Barrick and Mali’s authorities has deteriorated significantly over the past year,’ said an industry source.
Barrick initially paid CFA50bn ($80 million) in September to secure the release of four of its employees. However, Mali has demanded an additional payment of approximately $350 million.
Mali accounts for 14 percent of Barrick’s total gold output, and the company generated $949 million in revenue from its Malian operations in the first nine months of 2024.
Tensions over mining code and taxation
Under CEO Mark Bristow’s leadership, Barrick has offered Mali 55 percent of the economic benefits from its Loulo-Gounkoto mining complex—a deal similar to the agreement reached with Tanzania in 2019.
However, Mali’s government has accused Barrick of breaking commitments and demanded that payments be made in full, rather than in tranches. As a result, the government began blocking Barrick’s gold exports in early November.
Mali insists that Barrick still owes CFA125bn in back taxes. The government has issued an arrest warrant for CEO Bristow, further escalating tensions.
Military raid and seizure of gold
The standoff reached a dramatic turning point on January 11, 2025, when Malian special forces conducted a raid on Barrick’s Loulo-Gounkoto mine complex.
A helicopter carrying special forces officers, customs agents, and state officials landed at the mine’s airstrip without prior notice. Armed personnel then seized more than three tons of gold, transferring it to the state-owned Banque Malienne de Solidarité in Bamako.
‘They arrived in the morning, presented paperwork authorising the seizure, and by evening, it was all over,’ a source told Reuters.
Barrick has since halted operations at the Loulo-Gounkoto mine, citing concerns over security and compliance issues.
Future of Barrick Gold in Mali
The dispute has cast uncertainty over Barrick’s long-term future in Mali. The government has hinted that it may refuse to renew Barrick’s mining permit, adding to the company’s challenges.
A source close to the negotiations stated: ‘This is about leverage. Mali wants better terms on a long-term agreement, and Barrick wants to secure its mining rights under favourable conditions.’
Despite the escalating tensions, analysts believe a compromise is still possible.
‘If Barrick, which has a high tolerance for operational risk, cannot negotiate a settlement, it won’t be for lack of trying,’ said Freddie Brooks, a metals and mining analyst at BMI Fitch Solutions.
Market impact and investor concerns
The dispute has also impacted Barrick’s stock performance, with analysts predicting further volatility.
Martin Pradier, a materials analyst at Veritas Investment Research Corporation, stated: ‘Investors have already priced in the risk of Mali’s actions. There is growing concern that Barrick’s gold production from Mali may decline significantly in the near term.’
As negotiations continue, the mining sector in West Africa faces a new era of regulatory and political uncertainty—one that could reshape the investment landscape for years to come.
From Mali’s perspective, the ongoing dispute with Barrick Gold is not just about one company but about fair economic participation and resource sovereignty. The military-led government has made it clear that it seeks a larger share of mining revenues to ensure that the country’s vast gold wealth directly benefits the Malian people, rather than being disproportionately controlled by foreign corporations.
For
decades, foreign mining companies have profited from Mali’s resources, while the government argues that local communities have seen minimal benefits. With gold prices at record highs, the government views this as a critical moment to renegotiate agreements that it believes were previously skewed in favour of multinational corporations.
By demanding greater tax contributions and stricter com
pliance with the new mining code, Mali is asserting its sovereign right to control its resources and create a more equitable economic framework. The government insists that Barrick must play by the new rules, just as other companies like B2Gold and Resolute Mining have done.
The seizure of gold, detention of executives, and insistence on full tax payments are seen by the Malian authorities as necessary steps to enforce accountability and reclaim financial control over the sector. While some international analysts view these actions as aggressive, for Mali, they represent a long-overdue correction of economic imbalances.
As the negotiations continue, the Malian government is likely to stand firm on its demands, using its leverage over Barrick’s mining permit renewal. Ultimately, for Mali, this dispute is not just about one company—it is about reshaping the nation’s economic future by ensuring that its natural wealth is used to drive national development, rather than primarily serving foreign interests.
